Buyer shall develop the Property pursuant to the general terms submitted to Seller by Buyer in Buyer’s Proposal as "Restoration & Development Overview", which terms are attached hereto and incorporated by express reference as Exhibit III and are summarized herein.

In Phase I, Buyer shall restore and renovate the Assembly Building and the Tower, with restoration efforts dedicated to maintaining the historic integrity of the buildings’ features, as detailed in Buyer’s Proposal, incorporated herein by express reference. Buyer acknowledges that the Property is a designated historic landmark and all work on the Property shall require Certificates of Appropriateness from Seller. During the Examination Period, Seller shall work with Buyer to provide any information regarding this process, and to issue Certificates of Appropriateness if Buyer provides plans and specifications regarding said work to Seller in a timely manner.

In Phase II, Buyer shall have the right to construct two additional buildings, provided, the two buildings shall contain not more than a total of 14,000 square feet, shall be constructed in substantial conformity to the site plan and renderings presented by Buyer to Seller attached hereto as Exhibit IV and shall be constructed pursuant to Certificates of Appropriateness issued by Seller. However, as Buyer does not have completed plans and specifications for these buildings, Seller shall allow Buyer to exceed the square foot limitation herein by up to ten percent (10%) to cover potential construction or architectural variances. Buyer shall not commence construction on the additional buildings until it has completed all work required in Phase I. Any Certificates of Appropriateness for new construction issued by Seller under Phase II shall be conditional on Buyer’s completion of all work in Phase I, as contained in Exhibit III. Buyer shall submit its proposed development plan and renderings prepared by Land Design along with a material list to Seller’s design review committee during the Examination Period, and the Seller contemplates that it will issue a Certificate of Appropriateness approving the location, square footage, design and materials of Phase II, provided the information submitted is substantially consistent with the materials presented in Buyer’s Proposal.